ADMS 2500 Chapter Notes -Canada Business Corporations Act, Cash Flow, Historical Cost

• School: York University
• Department: Administrative Studies
• Course: ADMS 2500
• Professor: Brian Gaber

Document Summary

~ officials and directors may own very few or no shares. ~ actual control to be in the hands of few individuals that own shares to elect a board of. Corporation is artificial legal person" created by approval of government. Can sue, be sued, enter contracts and pay income taxes. Firm can be incorporated federally under jurisdiction of canada business corporations act or provincially under some provisional acts. Variations in rules of acts with accounting and disclosure of capital transactions. Corporation legal entity separate from its owners. Individuals and entities make contributions under a contract between themselves and the corporations. If you contribute funds you receive and hold share certificates. Minority shareholder"s purpose is investment and little participation. Shareholders assume no obligation for the debts of the business. Records of who owns shares kept by a trust company. Corporations authorized to issue more than one kind of shares. Sometimes common and preferred have further classifications with different rights and privileges.